As of today, 25 September 2023, Platform, the intermediary lending arm of The Co-operative Bank, will operate under its new name: The Co-operative Bank for Intermediaries.
The rebranding is part of an extensive transformation and technology upgrade, aimed at enhancing customer service and streamlining the application process through a new system called Broker Portal.
The Broker Portal, also launching today, utilises intuitive technology to facilitate product innovation. The first in a series of new product launches is a range of residential interest-only mortgages, giving consumers more repayment options.
Additionally, starting today, the bank will improve its offering by increasing the maximum loan size on buy-to-let products to £750,000, raising the cap on 95% loan-to-value (LTV) loans from £350,000 to £500,000, and on 90% LTV loans from £500,000 to £600,000. The bank will also replace its 2-year tracker with a lifetime tracker.
Platform has been serving intermediaries for over two decades and operates under the umbrella of The Co-operative Bank’s customer-led Ethical Policy. The bank refuses to offer banking services to any organisations that conflict with this policy, including those that contribute to global climate change or ecosystem destruction. This ethical stance includes the bank’s long-standing refusal to finance fossil fuel extraction or production.
Fred Sharp, director of intermediary distribution at The Co-operative Bank, said: “Close alignment to The Co-operative Bank brand is important as we continue to strengthen our position as the original ethical bank and provide consumers with an ethical alternative.
“Our new application system, Broker Portal, will allow both brokers and customers to benefit from more efficient technology and will give us the flexibility to introduce new products and services, such as the residential interest-only mortgages launching today.”
